Medical Polymers Market Size, Share & Growth Report, 2029
Medical Polymers Market is projected to grow at a CAGR of 8.1% over the forecast period, 2022–2029.
The factors driving the growth of Medical Polymers Market includes growing demand for medical devices and generic drugs, increase in consumer spending on healthcare services, rising prevalence of diabetes and cardiac arrests around the world and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Robotics, Machine Learning (ML) and Artificial Intelligence (AI), development of biologically compatible polymers, expansion of the pharmaceutical industry, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the market growth in the approaching years. Moreover, increasing investments by leading players on research and development, rising population growth rates and growing per capita incomes, are further contributing towards the market growth.
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However, growth of the Medical Polymers Market is hindered due to high cost of acquiring raw materials.
The major players operating in the market are Exxon Mobil Corporation, BASF SE, Celanese Corporation, Solvay, Evonik Industries AG, Formosa Plastics Corporation, Covestro AG, Bayer AG, Koninklijke DSM N.V., and Dow, Inc. among others.
Based on Product, the Biodegradable Plastics segment is predicted to expand at a robust CAGR during the forecast period
Biodegradable plastics poises higher shelf life and can be metabolized in the body after use along with its increasing application in tissue engineering and drug delivery systems, are some of the factors pushing Medical Polymers Market size.
Based on Application, the Medical Packaging segment is projected to grow at a significant CAGR over the forecast period
Increasing use of bioplastics in medical devices and pharmaceutical products, are propelling growth of the segment.
Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period
As per the Medical Polymers Market Forecasts, rise in Government’s expenditure on healthcare sector, increasing demand for medical devices across United States and Canada, rapid industrialization, growing population growth rates and high disposable incomes, are some of the important factors augmenting the market growth in the North American region.
Key Development
- In 2019, Evonik Industries AG, developed PLA-PEG copolymers for use in implantable medical device applications. The RESOMER PLA-PEG copolymers match mechanical strength of standard polylactide (PLA) polymers but enable degradation rates up to six times faster. It is designed to improve device performance and accelerate patient healing for wound closure, pediatric and other applications.
Market Segmentation
Segmentation by Product
- Medical Resins & Fibers
- Polyvinyl Chloride
- Polypropylene
- Polyethylene
- Polystyrene
- Others
- Medical Elastomers
- Styrene block co-polymer
- Rubber latex
- Others
- Biodegradable Plastics
Segmentation by Application
- Medical Equipment & Devices
- Medical Packaging
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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